What is a Poker Tournament?

Each player pays a fixed buy in to enter a tournament.  Also, the poker site you are playing at takes an entry fee from each player.  For example, if the buy in is $200, the poker site may take a $15 fee.  So, the total amount paid by the player would be $215, but only $200 goes in to the prize pool.

Payouts

Pay out percentages vary from site to site, but usually one out of ten players makes the money.  So, if there were 100 people, the prize pool would most likely consist of 10 players.  The pay out percentages would be roughly 30% for first, 20% for second, 14% for third, 9% for fourth, 7% for fifth, 6% for sixth, 5% for seventh, 4% for eighth, 3% for ninth, and 2% for tenth place.

Chip Structure

Each player begins the tournament with the same amount of chips.  As the tournament plays out, the blinds are raised roughly every 10-30 minutes.  Some tournaments may even raise the blinds every hour.  Based on the players' starting chips, the acceleration of the blinds, and the time periods, one can determine if a tournament will be a quick or slow tournament.  Slow tournaments will benefit skilled players, because they will have more time to take advantage of their lesser skilled opponents.  Faster tournaments benefit less skilled players, because everyone is forced to gamble earlier, so there is less skill involved.

Tournaments usually begin with 10 players at each table.  As players bust out of the tournament, their seats become vacant, but players will be rearranged throughout the tournament to keep the tables full.  Also, as players are eliminated, tables will be closed and the players will be rearranged at other tables.  The tournament keeps progressing through the blinds until only one player remains. 

Although skill is a big factor in poker, it will take luck to win a multi table tournament.  The best players can often be found at the top of tournament standings, but to win an individual tournament it takes a great deal of luck.  The reason for this is the massive player fields that enter many tournaments.  Skill is an important factor, but it will take some luck to go deep.

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